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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2347 California SW Ave Seattle, WA 98116-2402

    • Grocery and convenience stores
    • 2,220 SF
    • 0.34 lot acres
    OFF-MARKET
    Last Sale
    Sep 02, 2022
    $1,100,000
    Value Estimations
    $850,000
    Show details
    Cap Rate Potential
    4.2%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US90-1378053
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • ATM Admiral Chevron / Atm / Bank
    • EM ExtraMile / Grocery & Convenience Store
    • Chevron / Gas Station

    Property Details for 2347 California SW Ave

    Year built
    1963
    Construction
    STEEL FRAME
    Lot size
    0.34 lot acres
    Property size
    2,220 SF
    Zone code
    NC2P-75 (M1)
    Property type
    Grocery and convenience stores
    APN
    637950-0056
    APU
    6379500056

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $895,000
      ML approach
      $835,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $625,000
      6.5%
      $575,000
      7%
      $535,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $605,000
      Market price range: $284k - $605k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.387
    Latitude
    47.5815
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $29,914
    $2,880,300
    $459,400
    $3,339,700
    -
    $2,880,300
    $459,400
    $3,339,700

    Comparable in this City

    • Value Estimation
      $7,395,000
      31,841 SF

      2320 42nd SW Ave

      GROCERY, SUPERMARKET • 31,841 SF
      2320 42nd SW Ave, Seattle, WA 98116-2535
      View Details
    • Value Estimation
      $525,000
      2,893 SF

      4100 Admiral Way

      CONVENIENCE STORE • 2,893 SF
      4100 Admiral Way, Seattle, WA 98116-2518
      View Details
    • Value Estimation by Request
      1,980 SF

      4001 California SW Ave

      CONVENIENCE STORE • 1,980 SF
      4001 California SW Ave, Seattle, WA 98116-3707
      View Details
    • Value Estimation
      $2,895,000
      2,160 SF

      4800 Erskine SW Way

      CONVENIENCE STORE • 2,160 SF
      4800 Erskine SW Way, Seattle, WA 98116
      View Details
    • Value Estimation by Request
      2,400 SF

      3801 California SW Ave

      CONVENIENCE STORE • 2,400 SF
      3801 California SW Ave, Seattle, WA 98116-3703
      View Details
    • Value Estimation by Request
      420 SF

      4115 Admiral Way

      CONVENIENCE STORE • 420 SF
      4115 Admiral Way, Seattle, WA 98116-2517
      View Details

    Similar Nearby for Sale

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      5,504 SF

      West Seattle Retail/Development Opportunity

      High-visibility corner lot near shopping, transit, and development potential.
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    • $795,000

      West Seattle Live/Work Space

      Legal live/work space with high foot traffic in West Seattle.
      4044 California Ave, Seattle, WA 98116
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    • $1,249,000

      West Seattle Commercial Condo Opportunity

      2,415 SF commercial condo in West Seattle's Alaska Junction.
      4847 California Ave, Seattle, WA 98116
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    • $3,500,000
      13,785 SF

      Mixed-Use Property in Seattle

      17 units: residential and commercial spaces in Seattle, WA.
      2225 California Ave SW, Seattle, WA 98116
      View Details
    • Contact for pricing

      Corner Unit Retail Space Available

      Corner unit retail space with high ceilings and great exposure.
      3444 California Ave, Seattle, WA 98116
      View Details
    • $1,495,000
      4,336 SF

      West Seattle Retail and Apartments

      Retail spaces and apartments in a prime West Seattle location.
      2601 California Ave SW, Seattle, WA 98116
      View Details

    Similar Nearby for Lease

    • $45 SF/Yr
      1,400 SF

      West Seattle Mixed-Use Retail Space

      1,400 SF retail space in a mixed-use development.
      4448 California Ave SW, Seattle, WA 98116
      View Details
    • $5,500 /Mo
      3,012 SF

      West Seattle Retail Space Available

      3,012 SF retail space in the heart of West Seattle.
      4546 California Ave SW, Seattle, WA 98116
      View Details
    • $45 SF/Yr
      2 SF

      West Seattle Fitness/Retail Space

      Turn-key fitness space in a high-traffic West Seattle location.
      4203 Southwest Oregon St, Seattle, WA 98116
      View Details
    • $42 SF/Yr
      793 SF

      Retail Space in Admiral Neighborhood

      Retail space available in West Seattle's Admiral neighborhood.
      2319 California Ave SW, Seattle, WA 98116
      View Details
    • $45 SF/Yr
      4,634 SF

      West Seattle Restaurant Space Available

      Restaurant space in the heart of West Seattle retail corridor.
      4752 California Ave SW, Seattle, WA 98116
      View Details
    • Contact for pricing
      63,663 SF

      West Seattle Retail Opportunity

      Prime West Seattle space, Whole Foods anchored.
      0 Alaska St & Fauntleroy Way, Seattle, WA 98116
      View Details
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    2347 California SW Ave
    Seattle, WA 98116-2402
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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